09 May 2013 02:26 [Source: ICIS news]
TAIPEI (ICIS)--Taiwan is unlikely to set up new commodity petrochemical projects in the future as it sets a new government directive to boost the production of high value-added chemicals, the Petrochemical Association of Taiwan (PIAT) said in a report on Thursday.
Anti-pollution protests, together with strict environmental regulations, have "badly constrained the construction of new petrochemical facilities in Taiwan", it said in a report for the annual Asian Petrochemical Industry Conference (APIC) which runs from 9-10 May in Taipei.
"In view of the fierce anti-pollution protests against the petrochemical parks, the Taiwanese government has set a new policy of petrochemical industry development," the PIAT said.
"This is basically to produce commodity petrochemicals in overseas sites and to make high value petrochemicals domestically," it said.
The government aims to transform Taiwan to become an important hub for high-value petrochemicals in the region and upgrade the competitiveness of the industry, according to the PIAT.
"A clear target has been set to achieve a total petrochemical industry production value of New Taiwan dollars (NT$) $2,420bn ($81.8bn) by 2020, up from NT$1,820bn in 2012," it added.
($1 = NT$29.57)
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